## **The Stella and Alexander Margulies Charitable Trust** Report and Unaudited Financial Statements Year Ended 5 April 2023 Charity No: 220441 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Report and Financial Statements for the year ended 5 April 2023** ## **Contents** ## **Page:** 1 Reference and Administration details 2-4 Report of the Trustees 5 Report of the Independent Examiner 6 Accountants' Report 7 Statement of Financial Activities 8 Balance Sheet 9-13 Notes forming part of the Financial Statements 14 Appendix ## **Settlors** The late Stella and Alexander Margulies ## **Trustees** Marcus Jonathan Margulies Sir Stuart Lipton Leslie David Michaels Martin David Paisner CBE Alexander Michael Sorkin ## **Principal Office** 27 Berkeley Square, London, W1J 6EL ## **Accountants** BDO LLP, 55 Baker Street, London, W1U 7EU ## **Independent Examiner** Perrys Audit Limited, Churchdown Chambers, Bordyke, Tonbridge, Kent, TN9 1NR ## **Investment Managers** Veritas Investment Management LLP, 90 Long Acre, London, WC2E 9RA Cazenove Capital Management, 12 Moorgate, London, EC2R 6DA Fundsmith, 33 Cavendish Square, London, W1G 0PW ## **Bankers** Coutts & Co, 440 Strand, London, WC2R 0QS ## **Solicitors** Payne Hicks Beach, 10 New Square, Holborn, London, WC2A 3QG 1 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Report of the Trustees for the year ended 5 April 2023** The Trustees present their report along with the financial statements of the charity for the year ended 5 April 2023. The Financial Statements have been prepared in accordance with the accounting policies set out on page 9 and 10 and comply with the charity’s Trust deed and applicable law. ## **Structure, Governance and Management** The Stella and Alexander Margulies Charitable Trust is constituted under a Trust deed dated 30 November 1962. It is a registered charity no. 220441. The Trustees who have served during the year and since the year end are set out on page 1. Where there is a requirement for new Trustees, this would be identified by the remaining Trustees. ## **Risk management** The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that such risks are continuously monitored and that appropriate steps can be taken to lessen these risks. ## **Objectives and Activities** This trust was set up by Stella and Alexander Margulies in 1962. Although the objects of the charity are to apply the income and capital of the Trust for charitable purposes as the trustees in their absolute discretion determine, the trustees have tried to make donations largely in line with the type of charities that Stella and Alexander would have supported. About 75% of donations are to charities in Israel and the balance in Great Britain. Donations in Israel are generally to medical, scientific and cultural organisations which cater for the broad spectrum of Israeli society irrespective of religion. Donations in the main in Britain have been to major London cultural icons, with an emphasis on educating young people in the arts; and to National Health Hospitals to provide support for nursing staff. The charity has also supported the Wiener Holocaust Library which is devoted to preserving the records of the Holocaust and genocide, and Limmud, a volunteer organisation supporting Jewish education in its widest sense. ## **Grant making policy** All applications received are considered by the Trustees on their own merit for suitability of funding. ## **Public benefit** In meeting the objectives the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit and judge that all donations made meet this guidance. All donations are listed in note 5 on page 10. 2 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Report of the Trustees for the year ended 5 April 2023 (continued)** ## **Achievements and Performance** The Trustees have continued to apply their funds in accordance with the objectives of the Trust and their grant making policy. Donations totalling £143,199 have been made in the year (2022 - £289,800) and are detailed in note 5 of these Financial Statements. In line with the Charities SORP (FRS 102), note 5 shows a schedule of grants paid or payable in this financial year. Under SORP, there is a requirement to include in the charitable activities of the Charity the full commitment to make a donation or grant in the financial year that they were committed, irrespective of when they are contracted to be paid. Commitments have been made to the following charities for future donations, which have been included in these accounts: a. Israel Philharmonic Orchestra for one more payment of £8,000 ## **Financial Review** The Trust’s investments are managed by Veritas Asset Management Limited, Cazenove Capital Management and Fundsmith under a discretionary mandate and a conservative investment policy which aims at maintaining the capital of the charity through diversification whilst maintaining sufficient liquidity for the Trust’s foreseeable needs and donations. The market value of the investment portfolios at 5 April 2023 were £11,342,666 (2022 - £11,369,914). The balance of cash held at 5 April 2023 was £24,394 (2022 - £166,924). ## **Reserves policy** The Trustees’ policy is to maintain their continuing level of support under the grant making policy that they have agreed. If income resources are insufficient to cover the grants then recourse is made to the other funds of the Trust. The Trustees do not consider that any minimum level of resources is required. ## **Plans for the future** The Trustees intend to continue providing grants in a similar way to the recent past but retaining flexibility as to the timing, and scale of grant making. ## **Trustees’ responsibilities in relation to the financial statements** Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 3 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Report of the Trustees for the year ended 5 April 2023 (continued)** ## **Trustees’ responsibilities in relation to the financial statements (continued)** The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees and signed on their behalf by: **Marcus Jonathan Margulies** Trustee Date: 4 ## **Independent Examiner’s Report to the Trustees of the** ## **The Stella and Alexander Margulies Charitable Trust** We report on the Financial Statements of the Charity for the year ended 5 April 2023, which are set out on pages 7 to 13. ## **Respective responsibilities of Trustees and examiner** The Charity's Trustees are responsible for the preparation of the Financial Statements. The Charity’s Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 ('the Act') and that an independent examination is needed. It is our responsibility to: - examine the Financial Statements under section 145 of the Act; - to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Act; and - to state whether particular matters have come to our attention. ## **Basis of Independent Examiner's report** Our examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the Financial Statements presented with those records. It also includes consideration of any unusual items or disclosures in the Financial Statements, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given whether the Financial Statements present a “true and fair view” and the report is limited to those matters set out in the statement below. ## **Independent Examiner's statement** In connection with our examination, no matter has come to our attention: - (1) which gives us reasonable cause to believe that in any material respect, the requirements:- - to keep proper accounting records in accordance with section 130 of the Act; and - to prepare Financial Statements which accord with the accounting records and comply with the accounting requirements of the Act have not been met; or - (2) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the Financial Statements to be reached. ## **Perrys Audit Limited** Chartered Accountants Churchdown Chambers Bordyke Tonbridge Kent TN9 1NR Date: 5 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Accountants’ Report** ## **Chartered accountants’ report to the Trustees on the unaudited financial information of The Stella and Alexander Margulies Charitable Trust** In accordance with the letter of engagement dated 23 September 2020, we have prepared for your approval the financial information of The Stella and Alexander Margulies Charitable Trust for the year ended 5 April 2023 which comprise the Balance Sheet, the Income and Expenditure Account, the Capital Account and the related notes from the entity’s accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/ regulation/a-z. You have approved the financial information for the year and have acknowledged your responsibility for it, for the appropriateness of the financial reporting framework adopted and for providing all information and explanations necessary for its compilation. We have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial information. ## _Use of our report_ This report is made solely to you, in accordance with the terms of our engagement letter dated 23 September 2020. Our work has been undertaken solely to prepare for your approval the financial information of The Stella and Alexander Margulies Charitable Trust and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release TECH08/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Trustees for our work or for this report. ## **BDO LLP** Chartered Accountants 55 Baker Street London W1U 7EU BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127). Date: 6 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Statement of Financial Activities for the year ended 5 April 2023** |**Notes**
**Income and endowments from**
Investments
2
**Total**
**Expenditure on**
Raising funds
3
Charitable activities
4
**Total**
**Net (expenditure) before investment (losses)/gains**
Net (losses)/gains on investments
7
**Net (expenditure)/income**
**Other recognised gains**
Realised gains on currency exchange
**Net movement in funds**
Total funds at 6 April 2022
**Total funds at 5 April 2023**|**2023**
**£**
**102,400**
**102,400**
**47,128**
**160,695**
**207,823**
**(105,423)**
**(67,462)**
**(172,885)**
**13,495**
**(159,390)**
**11,510,830**
**11,351,440**|**2022**
**£**
88,482| |---|---|---| |||88,482| |||48,731
304,111| |||352,842| |||(264,360)
980,181| |||715,821
1,617| |||717,438
10,793,392| |||11,510,830| All funds are unrestricted and relate to continuing activities. The notes on pages 9 to 13 form part of these financial statements 7 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Balance Sheet as at 5 April 2023** |**Fixed Assets**
Investments
7
**Current Assets**
Cash at bank and in hand
8
**Liabilities**
Creditors: amounts falling due within one year
9
Net current assets
**Total assets less current liabilities**
Creditors: amounts falling due after one year
10
**Total net assets**
**Funds**
Unrestricted funds
**Notes**|**£**
**£**
**11,342,666**
**11,342,666**
**24,394**
**(15,620)**
**8,774**
**11,351,440**
**-**
**11,351,440**
**11,351,440**
**2023**|**£**
**£**
11,369,914
11,369,914
166,924
(18,008)
148,916
11,518,830
(8,000)
11,510,830
11,510,830
**2022**|**£**
**£**
11,369,914
11,369,914
166,924
(18,008)
148,916
11,518,830
(8,000)
11,510,830
11,510,830
**2022**| |---|---|---|---| ||||| ||||11,518,830
(8,000)| ||||11,510,830| ||||11,510,830| Approved by the Trustees and signed on their behalf by: **Marcus Jonathan Margulies** Trustee The notes on pages 9 to 13 form part of these financial statements 8 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Notes to the financial statements for the year ended 5 April 2023** ## **1 Principal Accounting Policies** ## **(a) Accounting Convention** The financial statements are prepared under the historical cost convention and in preparing the financial statements the charity follows best practice as laid down in the Statement of Recommended Practice “Accounting and Reporting by Charities” (Charities SORP (FRS 102)) and comply with the Charities (Accounts and Reports) Regulations 2008 issued under the Charities Act 2011. ## **(b) Donations, legacies and similar income** Donations, legacies and similar income are shown in the accounts when receivable and the value of the incoming resources can be measured with sufficient reliability. ## **(c) Investment income** Investment income is accounted for in the period in which the charity is entitled to receipt. ## **(d) Resources expended** Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis. ## **(e) Charitable activities** Costs of charitable activities include grants made and an apportionment of overhead and support costs where applicable. Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the Trust. ## **(f) Governance costs** Governance costs comprise costs relating to the general running of the charity as opposed to those associated with generating funds or charitable activity. ## **(g) Fixed asset investments** Investments are stated at closing market value at the balance sheet date. Any gains or losses on revaluation and disposal are shown in the Statement of Financial Activities. ## **(h) Realised gains and losses** Gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and purchase cost. Unrealised gains and losses are calculated as the difference between the market value at year end and opening market value (or purchase date if later). Realised and unrealised gains and losses are not separated in the Statement of Financial Assets. ## **(i)[Taxation]** The charity is exempt from tax on its charitable activities. ## **(j) Foreign currencies** Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling the balance sheet date. Transactions in foreign currency are translated at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. 9 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Notes to the financial statements for the year ended 5 April 2023** ## **1 Principal Accounting Policies (continued)** ## **(k) Going concern** There have been no transactions with persons or entities that are closely connected to the charity or its trustees (2022 – none). |**2**
**Investment income**
Income from listed investments
Interest receivable
**3**
**Raising Funds**
Investment managers fees
**4**
**Charitable Activities**
Arts and Culture
Education
General Charitable Purposes
Medical Research
Relief for Individuals of Faith
Religious Activities
Religious Sites and Monuments|**Grant funding**
**of activities**
**(see note 5)**
**124,000**
**11,000**
**-**
**1,000**
**2,500**
**2,500**
**2,199**
**143,199**|**2023**
**£**
**93,203**
**9,197**
**102,400**
**2023**
**£**
**47,128**
**Support Costs**
**(see note 6)**
**15,151**
**1,344**
**-**
**122**
**305**
**305**
**269**
**17,496**|**Total**
**2023**
**139,151**
**12,344**
**-**
**1,122**
**2,805**
**2,805**
**2,468**
**160,695**|**2022**
**£**
88,416
66| |---|---|---|---|---| |||||88,482| |||||**2022**
**£**
48,731| |||||**Total**
**2022**
289,630
10,494
1,049
-
1,889
1,049
-| |||||304,111| 10 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Notes to the financial statements for the year ended 5 April 2023** |**5**|**Grants Paid and Payable**|**2023**|**2022**| |---|---|---|---| |||**£**|**£**| ||Barbican Centre|**50,000**|65,000| ||Community Security Trust|**2,500**|1,800| ||Food Bank Aid|**-**|1,000| ||Limmud|**2,500**|-| ||King Edward VII Hospital|**1,000**|-| ||Royal National Theatre|**12,000**|24,000| ||Royal Opera House Foundation|**50,000**|175,000| ||Tate Foundation|**12,000**|12,000| ||Western Marble Arch Synagogue|**2,199**|-| ||Wiener Library|**10,000**|10,000| ||Women Wage Peace Mozrahi Tefahot|**-**|1,000| ||XLP|**1,000**|-| |||**143,199**|289,800| ||These were in addition to the following grant paid as part of a multi-year commitment, already accounted for||| ||in previous years' Financial Statements:||| ||Israel Philharmonic Orchestra Foundation UK|**8,000**|| |**6**|**Support Costs**|**2023**|**2022**| |||**£**|**£**| ||Independent examiner fee|**1,020**|1,008| ||Accounts preparation fee|**4,800**|4,800| ||Administrative fees payable to Prism the Gift Fund|**7,200**|7,200| ||Legal fees|**4,200**|858| ||Other|**276**|446| |||**17,496**|14,312| 11 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Notes to the financial statements for the year ended 5 April 2023** |**7**
**8**
**9**|**Investments**
**2023**
**£**
Equities
**8,809,466**
Bonds
**1,336,473**
Mutual Funds
**725,631**
Cash held within the investment portfolio
**471,096**
**11,342,666**
**Market value of investments by geographical area**
**:**
United Kingdom
**6,644,085**
Overseas
**4,698,581**
**11,342,666**
**Investments at historical cost**
**8,832,502**
**The movement in investments during the year was as follows:**
Market value brought forward
**10,769,873**
Purchases
**1,786,475**
Proceeds
**(1,617,316)**
Unrealised Investment (Losses)/Gains
**(246,972)**
Realised Investment Gains
**179,510**
**10,871,570**
Cash held within the investment portfolio
**471,096**
**Market value carried forward**
**11,342,666**
**Cash at bank and in hand**
**2023**
**£**
Coutts
**24,394**
**Creditors: Amounts falling due within one year**
**2023**
**£**
Accruals
**7,620**
Grants payable
**8,000**
**15,620**|**2022**
**£**
9,016,548
958,672
794,653
600,041| |---|---|---| |||11,369,914| |||7,041,936
4,327,978| |||11,369,914| |||8,483,834| |||10,643,103
1,206,005
(2,059,416)
606,993
373,188| ||
Market value brought forward
Purchases
Proceeds
Unrealised Investment (Losses)/Gains
Realised Investment Gains
Cash held within the investment portfolio
**Market value carried forward**
**Cash at bank and in hand**
Coutts
**Creditors: Amounts falling due within one year**
Accruals
Grants payable|| |||10,769,873
600,041| |||11,369,914| |||**2022**
**£**
166,924| |||**2022**
**£**
10,008
8,000| |||18,008| 12 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Notes to the financial statements for the year ended 5 April 2023** |**10 **|**Creditors: Amounts falling due after one year**|**2023**||**2022**| |---|---|---|---|---| |||**£**||**£**| ||Grants payable||**-**|8,000| ## **11 Related parties** None of the trustees received any remuneration or benefits during the year. However the firm Payne Hicks Beach in which M D Paisner formerly had an interest, raised charges for professional services to the amount of £4,200 (2022 - £858). ## **12 Related party transactions** There have been no transactions with persons or entities that are closely connected to the charity or its trustees (2022 – none). 13 THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST Appendlx Schedule of Investments 5 April 2023 14 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Veritas Schedule of Investments for the year ended 5 April 2023** |||**Opening Balances**|**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**|||**Disposals**|||**Closing Balances**|**Closing Balances**||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||**Units**|**Cost**||**Value**|**Units**|**Cost**|**Units**||**Proceeds**|**Cost**|**Profit/Loss**|**Units**|**Cost**|**Value**|**Income**| ||||**£**||**£**||**£**|||**£**|**£**|**£**||**£**|**£**|**£**| |Fixed Interest||||||||||||||||| |British Telecommunications IDX/LKD||SNR EMTN 25/04/2025||GBP1000 '01||||||||||||| |06-Apr-22|b/fwd|15,000|31,516||33,019|||||||||||| |05-Apr-23|c/fwd||||||||||||15,000|31,516|32,644|995| |CG Portfolio Fund plc - Dollar Fund||||||||||||||||| |06-Apr-22|b/fwd|459|49,152||49,221|||||||||||| |09-Feb-23|Sale||||||||459|43,783|49,152|(5,369)||||| |05-Apr-23|c/fwd||||||||||||-|-|-|532| |Diageo Finance|PLC 1.75% 12/10/2026|||||||||||||||| |06-Apr-22|b/fwd|-||-|-|||||||||||| |29-Sep-22|Purchase|||||100,000|87,948|||||||||| |12-Oct-22|Accrued interest|||||-|(1,688)|||||||||| |05-Apr-23|c/fwd||||||||||||100,000|86,260|91,201|62| |European Bank|for Reconstruction &|Development Floating 4.4161% 28/02/2024||||||||||||||| |06-Apr-22|b/fwd|-||-|-|||||||||||| |06-Sep-22|Purchase|||||55,000|55,257|||||||||| |28-Nov-22|Accrued interest|||||-|(21)|||||||||| |05-Apr-23|c/fwd||||||||||||55,000|55,236|55,086|830| |European Investment Bank .125% 14/12/2026||||||||||||||||| |06-Apr-22|b/fwd|75,000|73,020||69,241|||||||||||| |05-Apr-23|c/fwd||||||||||||75,000|73,020|64,930|94| 1 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Veritas Schedule of Investments for the year ended 5 April 2023** |||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**||**Disposals**|||**Closing Balances**|**Closing Balances**||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||**Units**||**Cost**|**Value**|**Units**|**Cost**|**Units**|**Proceeds**|**Cost**|**Profit/Loss**|**Units**|**Cost**|**Value**|**Income**| ||||**£**|**£**||**£**||**£**|**£**|**£**||**£**|**£**|**£**| |Experian Finance PLC 2.125% 27/09/2024||||||||||||||| |06-Apr-22|b/fwd|-|-|-||||||||||| |13-Jun-22|Purchase||||100,000|100,042||||||||| |27-Sep-22|Accrued interest||||-|(1,508)||||||||| |05-Apr-23|c/fwd||||||||||100,000|98,534|95,949|617| |Henkel AG & Co KGaA 1.25% 30/09/2026||||||||||||||| |06-Apr-22|b/fwd|100,000|100,364|96,443||||||||||| |30-Sep-22|Accrued interest||||-|(89)||||||||| |05-Apr-23|c/fwd||||||||||100,000|100,275|90,458|1,161| |International|Bank for Reconstruction|& Development|.25% 22/07/2026|||||||||||| |06-Apr-22|b/fwd|28,000|26,904|26,214||||||||||| |22-Jul-22|Accrued interest||||-|(43)||||||||| |05-Apr-23|c/fwd||||||||||28,000|26,861|24,727|27| |International|Bank for Reconstruction|& Development|1% 21/12/2029|||||||||||| |06-Apr-22|b/fwd|70,000|72,830|65,820||||||||||| |05-Apr-23|c/fwd||||||||||70,000|72,830|58,304|700| |LVMH Moet Hennessy Louis Vuitton SE||1% 11/02/2023||||||||||||| |06-Apr-22|b/fwd|100,000|100,280|99,312||||||||||| |13-Feb-23|Sale||||||100,000|100,000|100,280|(280)||||| |05-Apr-23|c/fwd||||||||||-|-|-|1,000| |LVMH Moet Hennessy Louis Vuitton SE||1% 14/06/2022||||||||||||| |06-Apr-22|b/fwd|40,000|40,420|39,992||||||||||| |07-Apr-22|Sale||||||40,000|40,000|40,420|(420)||||| |05-Apr-23|c/fwd||||||||||-|-|-|326| 2 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Veritas Schedule of Investments for the year ended 5 April 2023** ||||||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**||**Disposals**|||**Closing Balances**|**Closing Balances**||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||**Units**||||**Cost**|**Value**|**Units**|**Cost**|**Units**|**Proceeds**|**Cost**|**Profit/Loss**|**Units**|**Cost**|**Value**|**Income**| |||||||**£**|**£**||**£**||**£**|**£**|**£**||**£**|**£**|**£**| |Nestle Finance International Ltd 2.25%|||30/11/2023||||||||||||||| |06-Apr-22|b/fwd||30,000|||31,816|30,158||||||||||| |05-Apr-23|c/fwd|||||||||||||30,000|31,816|29,662|675| |PepsiCo Inc|2.5% 01/11/2022||||||||||||||||| |06-Apr-22|b/fwd||130,000|||134,850|130,884||||||||||| |01-Nov-22|Sale|||||||||130,000|130,000|134,850|(4,850)||||| |05-Apr-23|c/fwd|||||||||||||-|-|-|3,250| |Tesco IDX/LKD SNR BDS 05/11/2025 GBP1000|||||'29'||||||||||||| |06-Apr-22|b/fwd||20,000|||41,021|43,775||||||||||| |05-Apr-23|c/fwd|||||||||||||20,000|41,021|41,800|1,202| |United Kingdom Gilt .125% 31/01/2024|||||||||||||||||| |06-Apr-22|b/fwd|||-||-|-||||||||||| |12-Oct-22|Purchase|||||||73,000|69,392||||||||| |31-Jan-23|Accrued interest|||||||-|(18)||||||||| |05-Apr-23|c/fwd|||||||||||||73,000|69,374|70,825|28| |United Kingdom Inflation-Linked Gilt .125%||||22/03/2024|||||||||||||| |06-Apr-22|b/fwd|||-||-|-||||||||||| |22-Mar-23|Accrued interest|||||||-|(27)||||||||| |10-Feb-23|Purchase|||||||37,000|54,852||||||||| |05-Apr-23|c/fwd|||||||||||||37,000|54,825|55,042|8| |United Kingdom Inflation-Linked Gilt .125%||||22/03/2026|||||||||||||| |06-Apr-22|b/fwd|||-||-|-||||||||||| |23-Feb-23|Purchase|||||||35,000|48,769||||||||| |22-Mar-23|Accrued interest|||||||-|(26)||||||||| |05-Apr-23|c/fwd|||||||||||||35,000|48,743|49,228|5| 3 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Veritas Schedule of Investments for the year ended 5 April 2023** ||||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**||**Disposals**|||**Closing Balances**|**Closing Balances**||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||**Units**||**Cost**|**Value**|**Units**|**Cost**|**Units**|**Proceeds**|**Cost**|**Profit/Loss**|**Units**|**Cost**|**Value**|**Income**| |||||**£**|**£**||**£**||**£**|**£**|**£**||**£**|**£**|**£**| |United Kingdom|Inflation-Linked Gilt .125%||22/03/2029||||||||||||| |06-Apr-22|b/fwd||-|-|-||||||||||| |12-Jan-23|Purchase|||||35,000|52,468||||||||| |22-Mar-23|Accrued interest|||||-|(20)||||||||| |05-Apr-23|c/fwd|||||||||||35,000|52,447|54,310|13| |Equity|||||||||||||||| |Accenture PLC|||||||||||||||| |06-Apr-22|b/fwd||440|44,091|112,711||||||||||| |05-Apr-23|c/fwd|||||||||||440|44,091|101,667|1,148| |Adobe Inc|||||||||||||||| |06-Apr-22|b/fwd||-|-|-||||||||||| |08-Sep-22|Purchase|||||140|44,986||||||||| |21-Dec-22|Purchase|||||20|5,577||||||||| |05-Apr-23|c/fwd|||||||||||160|50,563|49,857|-| |Align Technology Inc|||||||||||||||| |06-Apr-22|b/fwd||150|26,416|49,676||||||||||| |05-Apr-23|c/fwd|||||||||||150|26,416|40,512|-| |Alphabet Inc|||||||||||||||| |06-Apr-22|b/fwd||42|13,664|89,077||||||||||| |15-Jul-22|Stock split|||||798|-||||||||| |05-Apr-23|c/fwd|||||||||||840|13,664|70,623|-| |Amazon.com Inc|||||||||||||||| |06-Apr-22|b/fwd||25|59,667|61,896||||||||||| |06-Jun-22|Stock split|||||475|-||||||||| |05-Apr-23|c/fwd|||||||||||500|59,667|41,767|-| 4 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Veritas Schedule of Investments for the year ended 5 April 2023** |||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**|||**Disposals**|||**Closing Balances**|**Closing Balances**||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||**Units**|**Cost**|**Value**|**Units**|**Cost**|**Units**||**Proceeds**|**Cost**|**Profit/Loss**|**Units**|**Cost**|**Value**|**Income**| ||||**£**|**£**||**£**|||**£**|**£**|**£**||**£**|**£**|**£**| |Amphenol Corp|||||||||||||||| |06-Apr-22|b/fwd|1,400|44,315|80,141|||||||||||| |05-Apr-23|c/fwd|||||||||||1,400|44,315|92,467|806| |Automatic Data|Processing Inc||||||||||||||| |06-Apr-22|b/fwd|515|56,677|89,017|||||||||||| |12-May-22|Sale|||||||135|23,238|14,857|8,381||||| |08-Aug-22|Sale|||||||50|10,068|5,503|4,566||||| |05-Apr-23|c/fwd|||||||||||330|36,317|59,401|1,116| |Avery Dennison|Corp||||||||||||||| |06-Apr-22|b/fwd|425|33,829|56,183|||||||||||| |05-Apr-23|c/fwd|||||||||||425|33,829|61,477|911| |Broadridge Financial Solutions Inc|||||||||||||||| |06-Apr-22|b/fwd|635|67,020|75,099|||||||||||| |02-Sep-22|Sale|||||||135|19,960|14,248|5,712||||| |05-Apr-23|c/fwd|||||||||||500|52,772|59,236|1,062| |Bunzl PLC|||||||||||||||| |06-Apr-22|b/fwd|2,400|53,786|71,232|||||||||||| |13-May-22|Sale|||||||600|17,650|13,446|4,204||||| |05-Apr-23|c/fwd|||||||||||1,800|40,339|55,026|1,046| |Experian PLC|||||||||||||||| |06-Apr-22|b/fwd|1,800|12,816|53,118|||||||||||| |05-Apr-23|c/fwd|||||||||||1,800|12,816|47,880|786| 5 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Veritas Schedule of Investments for the year ended 5 April 2023** |||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**||**Disposals**|||**Closing Balances**|**Closing Balances**||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||**Units**|**Cost**|**Value**|**Units**|**Cost**|**Units**|**Proceeds**|**Cost**|**Profit/Loss**|**Units**|**Cost**|**Value**|**Income**| ||||**£**|**£**||**£**||**£**|**£**|**£**||**£**|**£**|**£**| |First Sentier|Investors ICVC - Stewart|Investors Asia|Pac Leaders Sustainability|||||||||||| |06-Apr-22|b/fwd|5,000|32,501|49,604||||||||||| |19-Aug-22|Sale||||||500|5,090|3,250|1,840||||| |08-Sep-22|Sale||||||4,500|46,432|29,388|17,044||||| |30-Sep-22|Accrued interest||||-|138||||||||| |05-Apr-23|c/fwd||||||||||-|-|-|138| |Fiserv Inc||||||||||||||| |06-Apr-22|b/fwd|1,200|70,962|92,412||||||||||| |09-Aug-22|Sale||||||50|4,362|2,957|1,405||||| |05-Apr-23|c/fwd||||||||||1,150|68,006|105,132|-| |Franco-Nevada Corp||||||||||||||| |06-Apr-22|b/fwd|950|49,014|115,293||||||||||| |05-Apr-23|c/fwd||||||||||950|49,014|111,867|778| |Fresenius Medical Care AG & Co KGaA||||||||||||||| |06-Apr-22|b/fwd|1,420|91,129|72,994||||||||||| |24-Jun-22|Sale||||||355|13,681|22,782|(9,101)||||| |27-Jun-22|Sale||||||267|10,343|17,135|(6,791)||||| |28-Jun-22|Sale||||||223|8,950|14,311|(5,361)||||| |29-Jun-22|Sale||||||575|23,758|36,901|(13,143)||||| |05-Apr-23|c/fwd||||||||||-|-|-|1,188| |Generac Holdings Inc||||||||||||||| |06-Apr-22|b/fwd|-|-|-||||||||||| |10-Jun-22|Purchase||||60|14,124||||||||| |24-Jun-22|Purchase||||120|20,614||||||||| |19-Dec-22|Sale||||||180|13,793|34,738|(20,945)||||| |05-Apr-23|c/fwd||||||||||-|-|-|-| 6 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Veritas Schedule of Investments for the year ended 5 April 2023** |||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**|||**Disposals**|||**Closing Balances**|**Closing Balances**||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||**Units**|**Cost**|**Value**|**Units**|**Cost**|**Units**||**Proceeds**|**Cost**|**Profit/Loss**|**Units**|**Cost**|**Value**|**Income**| ||||**£**|**£**||**£**|||**£**|**£**|**£**||**£**|**£**|**£**| |Hasbro Inc|||||||||||||||| |06-Apr-22|b/fwd|1,165|75,847|72,471|||||||||||| |08-Sep-22|Sale|||||||105|7,088|6,836|252||||| |05-Apr-23|c/fwd|||||||||||1,060|69,011|46,015|2,194| |Infineon Technologies AG|||||||||||||||| |06-Apr-22|b/fwd|3,950|69,252|103,393|||||||||||| |25-Nov-22|Sale|||||||350|9,424|6,136|3,288||||| |05-Apr-23|c/fwd|||||||||||3,600|63,116|119,249|747| |Intuit Inc|||||||||||||||| |06-Apr-22|b/fwd|180|51,804|65,711|||||||||||| |31-May-22|Purchase||||10|3,189|||||||||| |05-Apr-23|c/fwd|||||||||||190|54,993|68,489|385| |Intuitive Surgical Inc|||||||||||||||| |06-Apr-22|b/fwd|240|52,335|55,023|||||||||||| |31-May-22|Purchase||||15|2,659|||||||||| |26-Jan-23|Purchase||||50|10,372|||||||||| |27-Jan-23|Purchase||||60|11,880|||||||||| |05-Apr-23|c/fwd|||||||||||365|77,245|75,397|-| |Kerry Group|PLC||||||||||||||| |06-Apr-22|b/fwd|650|58,896|55,560|||||||||||| |05-Apr-23|c/fwd|||||||||||650|58,896|52,501|411| 7 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Veritas Schedule of Investments for the year ended 5 April 2023** ||||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**|||**Disposals**||||**Closing Balances**|**Closing Balances**||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||**Units**||**Cost**|**Value**|**Units**|**Cost**|**Units**||**Proceeds**|**Cost**|**Profit/Loss**|**Units**||**Cost**|**Value**|**Income**| |||||**£**|**£**||**£**|||**£**|**£**|**£**|||**£**|**£**|**£**| |Koninklijke DSM|NV||||||||||||||||| |06-Apr-22|b/fwd||-|-|-||||||||||||| |08-Aug-22|Purchase|||||90|11,265||||||||||| |11-Aug-22|Purchase|||||325|39,719||||||||||| |22-Dec-22|Purchase|||||85|8,703||||||||||| |05-Apr-23|c/fwd|||||||||||||500|59,687|47,746|-| |Kuehne + Nagel|International AG||||||||||||||||| |06-Apr-22|b/fwd||250|29,855|54,316||||||||||||| |05-Aug-22|Purchase|||||20|4,254||||||||||| |05-Apr-23|c/fwd|||||||||||||270|34,109|65,005|1,337| |Laboratory Corp of America Holdings|||||||||||||||||| |06-Apr-22|b/fwd||560|64,145|112,138||||||||||||| |05-Apr-23|c/fwd|||||||||||||560|64,145|103,888|1,132| |Marsh & McLennan Cos Inc|||||||||||||||||| |06-Apr-22|b/fwd||800|72,388|103,551||||||||||||| |05-Apr-23|c/fwd|||||||||||||800|72,388|107,705|1,301| |Mastercard Inc|||||||||||||||||| |06-Apr-22|b/fwd||420|24,940|114,051||||||||||||| |09-Aug-22|Sale||||||||40|11,612|2,375|9,237|||||| |26-Jan-23|Sale||||||||30|8,713|1,781|6,931|||||| |05-Apr-23|c/fwd|||||||||||||350|20,783|102,846|577| |Microsoft Corp|||||||||||||||||| |06-Apr-22|b/fwd||500|11,904|117,000||||||||||||| |05-Apr-23|c/fwd|||||||||||||500|11,904|116,560|921| 8 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Veritas Schedule of Investments for the year ended 5 April 2023** |||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**|||**Disposals**||||**Closing Balances**|**Closing Balances**||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||**Units**|**Cost**|**Value**|**Units**|**Cost**|**Units**||**Proceeds**|**Cost**|**Profit/Loss**|**Units**||**Cost**|**Value**|**Income**| ||||**£**|**£**||**£**|||**£**|**£**|**£**|||**£**|**£**|**£**| |Next PLC||||||||||||||||| |06-Apr-22|b/fwd|800|62,561|48,256||||||||||||| |05-Apr-23|c/fwd||||||||||||800|62,561|52,576|1,544| |NIKE Inc||||||||||||||||| |06-Apr-22|b/fwd|-|-|-||||||||||||| |30-Jun-22|Purchase||||300|27,355||||||||||| |05-Apr-23|c/fwd||||||||||||300|27,355|29,743|212| |Roche Holding|AG|||||||||||||||| |06-Apr-22|b/fwd|400|30,481|120,992||||||||||||| |05-Apr-23|c/fwd||||||||||||400|30,481|92,400|2,177| |Synopsys Inc||||||||||||||||| |06-Apr-22|b/fwd|250|50,807|63,310||||||||||||| |08-Sep-22|Purchase||||30|8,594||||||||||| |12-Jan-23|Purchase||||65|17,511||||||||||| |05-Apr-23|c/fwd||||||||||||345|76,912|107,733|-| |Taiwan Semiconductor Manufacturing||Co Ltd||||||||||||||| |06-Apr-22|b/fwd|750|9,974|59,384||||||||||||| |08-Sep-22|Sale|||||||750|51,956|9,974|41,982|||||| |05-Apr-23|c/fwd||||||||||||-|-|-|445| |Thermo Fisher|Scientific Inc|||||||||||||||| |06-Apr-22|b/fwd|290|33,971|130,221||||||||||||| |04-Aug-22|Sale|||||||25|12,038|2,929|9,109|||||| |05-Apr-23|c/fwd||||||||||||265|31,042|123,498|234| 9 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Veritas Schedule of Investments for the year ended 5 April 2023** |**Units**
**Cost**
**Value**
**Units**
**Cost**
**Units**
**£**
**£**
**£**
**Acquisitions**
**Opening Balances**
Tractor Supply Co
06-Apr-22
b/fwd
600
47,181
106,345
10-Nov-22
Sale
30
24-Feb-23
Sale
35
05-Apr-23
c/fwd
UnitedHealth Group Inc
06-Apr-22
b/fwd
360
16,723
139,474
11-May-22
Sale
50
01-Jul-22
Sale
20
03-Nov-22
Sale
30
26-Jan-23
Sale
15
05-Apr-23
c/fwd
Equity
WisdomTree Core Physical Gold
06-Apr-22
b/fwd
455
59,763
67,149
05-Apr-23
c/fwd
**2,180,886**
**3,340,877**
**696,228**|**Proceeds**
**Cost**
**Profit/Loss**
**Units**
**Cost**
**Value**
**Income**
**£**
**£**
**£**
**£**
**£**
**£**
**Disposals**
**Closing Balances**
5,385
2,359
3,026
6,812
2,752
4,060
535
42,070
101,697
1,532
19,907
2,323
17,584
8,388
929
7,459
14,253
1,394
12,859
5,939
697
5,243
245
11,381
93,602
1,287
455
59,763
72,534
-
**672,623**
**574,704**
**97,919**
**2,302,411**
**3,290,262**
**36,938**|**Proceeds**
**Cost**
**Profit/Loss**
**Units**
**Cost**
**Value**
**Income**
**£**
**£**
**£**
**£**
**£**
**£**
**Disposals**
**Closing Balances**
5,385
2,359
3,026
6,812
2,752
4,060
535
42,070
101,697
1,532
19,907
2,323
17,584
8,388
929
7,459
14,253
1,394
12,859
5,939
697
5,243
245
11,381
93,602
1,287
455
59,763
72,534
-
**672,623**
**574,704**
**97,919**
**2,302,411**
**3,290,262**
**36,938**| |---|---|---| |||**2,302,411**
**3,290,262**
**36,938**| 10 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Cazenove Schedule of Investments for the year ended 5 April 2023** |||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**|||**Disposals**|||**Closing Balances**|**Closing Balances**||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||**Units**|**Cost**|**Value**|**Units**|**Cost**|**Units**||**Proceeds**|**Cost**|**Profit/Loss**|**Units**|**Cost**|**Value**|**Income**| ||||**£**|**£**||**£**|||**£**|**£**|**£**||**£**|**£**|**£**| |**Equities**|||||||||||||||| |UK|||||||||||||||| |Johnson Matthey PLC|||||||||||||||| |06-Apr-22|b/fwd|1,798|37,946|33,775|||||||||||| |08-Sep-22|Sale|||||||113|2,201|2,385|(183)||||| |20-Dec-22|Purchase||||977|21,130|||||||||| |05-Apr-23|c/fwd|||||||||||2,662|56,692|50,658|1,360| |Spirax-Sarco Engineering PLC|||||||||||||||| |06-Apr-22|b/fwd|-|-|-|||||||||||| |27-Oct-22|Purchase||||211|23,458|||||||||| |05-Apr-23|c/fwd|||||||||||211|23,458|24,054|-| |Experian PLC|||||||||||||||| |06-Apr-22|b/fwd|1,392|38,169|41,078|||||||||||| |17-May-22|Purchase||||1,039|27,673|||||||||| |08-Sep-22|Sale|||||||325|8,534|8,802|(268)||||| |05-Apr-23|c/fwd|||||||||||2,106|57,039|56,462|1,016| |Reckitt Benckiser Group Plc|||||||||||||||| |06-Apr-22|b/fwd|1,014|65,605|59,136|||||||||||| |08-Sep-22|Sale|||||||64|4,181|4,141|40||||| |05-Apr-23|c/fwd|||||||||||950|61,464|60,192|1,770| |Astrazeneca Plc|||||||||||||||| |06-Apr-22|b/fwd|699|53,485|70,823|||||||||||| |08-Sep-22|Sale|||||||44|4,576|3,367|1,209||||| |05-Apr-23|c/fwd|||||||||||655|50,118|75,941|1,600| 1 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Cazenove Schedule of Investments for the year ended 5 April 2023** |||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**|||**Disposals**|||**Closing Balances**|**Closing Balances**||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||**Units**|**Cost**|**Value**|**Units**|**Cost**|**Units**||**Proceeds**|**Cost**|**Profit/Loss**|**Units**|**Cost**|**Value**|**Income**| ||||**£**|**£**||**£**|||**£**|**£**|**£**||**£**|**£**|**£**| |RELX Plc|||||||||||||||| |06-Apr-22|b/fwd|2,945|62,434|70,179|||||||||||| |08-Sep-22|Sale|||||||186|4,204|3,943|261||||| |05-Apr-23|c/fwd|||||||||||2,759|58,490|72,424|1,508| |Europe|||||||||||||||| |Schneider Electric SE|||||||||||||||| |06-Apr-22|b/fwd|396|43,183|50,841|||||||||||| |08-Sep-22|Sale|||||||31|3,253|3,381|(128)||||| |05-Apr-23|c/fwd|||||||||||365|39,803|45,652|729| |Vestas Wind Systems|||||||||||||||| |06-Apr-22|b/fwd|2,236|59,048|50,649|||||||||||| |17-May-22|Purchase||||1,528|26,966|||||||||| |08-Sep-22|Sale|||||||537|11,009|12,271|(1,262)||||| |05-Apr-23|c/fwd|||||||||||3,227|73,743|74,905|68| |Royal Philips NV|||||||||||||||| |06-Apr-22|b/fwd|907|37,126|21,221|||||||||||| |17-May-22|Sale|||||||907|18,082|37,126|(19,044)||||| |05-Apr-23|c/fwd|||||||||||-|-|-|558| |Mowi ASA|||||||||||||||| |06-Apr-22|b/fwd|3,185|59,161|65,807|||||||||||| |08-Sep-22|Sale|||||||228|3,830|4,235|(405)||||| |05-Apr-23|c/fwd|||||||||||2,957|54,926|42,969|1,485| |Roche Holding AG, Basel|||||||||||||||| |06-Apr-22|b/fwd|219|58,347|66,248|||||||||||| |08-Sep-22|Sale|||||||16|4,626|4,263|363||||| |05-Apr-23|c/fwd|||||||||||203|54,084|48,172|1,104| 2 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Cazenove Schedule of Investments for the year ended 5 April 2023** |||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**|||**Disposals**|||**Closing Balances**|**Closing Balances**||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||**Units**|**Cost**|**Value**|**Units**|**Cost**|**Units**||**Proceeds**|**Cost**|**Profit/Loss**|**Units**|**Cost**|**Value**|**Income**| ||||**£**|**£**||**£**|||**£**|**£**|**£**||**£**|**£**|**£**| |Novo-Nordisk AS|||||||||||||||| |06-Apr-22|b/fwd|1,428|68,668|121,274|||||||||||| |16-Mar-23|Sale|||||||125|14,344|6,011|8,334||||| |17-May-22|Sale|||||||222|18,855|10,675|8,180||||| |08-Sep-22|Sale|||||||172|15,485|8,271|7,214||||| |20-Dec-22|Sale|||||||149|16,067|7,165|8,902||||| |05-Apr-23|c/fwd|||||||||||760|36,546|96,075|957| |North America|||||||||||||||| |Ball Corp|||||||||||||||| |06-Apr-22|b/fwd|1,092|63,641|74,743|||||||||||| |08-Sep-22|Sale|||||||81|4,053|4,721|(668)||||| |21-Dec-22|Purchase||||567|23,939|||||||||| |05-Apr-23|c/fwd|||||||||||1,578|82,860|67,301|680| |Sensata Technologies Holding Plc|||||||||||||||| |06-Apr-22|b/fwd|1,486|57,009|57,467|||||||||||| |08-Sep-22|Sale|||||||111|3,881|4,258|(377)||||| |05-Apr-23|c/fwd|||||||||||1,375|52,750|51,178|519| |Illinois Tool Works Inc|||||||||||||||| |06-Apr-22|b/fwd|263|37,407|42,090|||||||||||| |08-Sep-22|Sale|||||||20|3,508|2,845|664||||| |05-Apr-23|c/fwd|||||||||||243|34,562|44,925|903| |Nike Inc|||||||||||||||| |06-Apr-22|b/fwd|260|30,242|26,658|||||||||||| |08-Sep-22|Sale|||||||7|651|814|(163)||||| |26-Oct-22|Purchase||||304|24,158|||||||||| |05-Apr-23|c/fwd|||||||||||557|53,586|54,007|379| 3 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Cazenove Schedule of Investments for the year ended 5 April 2023** ||||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**||||**Disposals**||||**Closing Balances**|**Closing Balances**||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||**Units**||**Cost**|**Value**|**Units**|**Cost**||**Units**||**Proceeds**|**Cost**|**Profit/Loss**|**Units**||**Cost**|**Value**|**Income**| |||||**£**|**£**||**£**||||**£**|**£**|**£**|||**£**|**£**|**£**| |Amazon.Com|Inc|||||||||||||||||| |06-Apr-22|b/fwd||32|61,710|79,336|||||||||||||| |08-Jun-22|Stock split||||||608|-||||||||||| |08-Sep-22|Sale|||||||||31|3,431|2,989|442|||||| |05-Apr-23|c/fwd||||||||||||||609|58,721|49,378|-| |Home Depot||||||||||||||||||| |06-Apr-22|b/fwd||214|39,063|48,716|||||||||||||| |08-Sep-22|Sale|||||||||16|4,115|2,921|1,195|||||| |05-Apr-23|c/fwd||||||||||||||198|36,142|45,839|1,129| |Estee Lauder|Companies Inc|||||||||||||||||| |06-Apr-22|b/fwd||400|62,986|82,841|||||||||||||| |08-Sep-22|Sale|||||||||30|6,394|4,724|1,671|||||| |05-Apr-23|c/fwd||||||||||||||370|58,262|71,047|690| |Unitedhealth|Group Inc|||||||||||||||||| |06-Apr-22|b/fwd||242|53,341|93,857|||||||||||||| |08-Sep-22|Sale|||||||||19|8,601|4,188|4,413|||||| |26-Oct-22|Sale|||||||||30|14,059|6,613|7,447|||||| |05-Apr-23|c/fwd||||||||||||||193|42,541|78,821|995| |Eli Lilly Co||||||||||||||||||| |06-Apr-22|b/fwd||389|43,419|84,720|||||||||||||| |08-Sep-22|Sale|||||||||29|7,862|3,237|4,626|||||| |26-Oct-22|Sale|||||||||42|12,793|4,688|8,105|||||| |05-Apr-23|c/fwd||||||||||||||318|35,494|92,383|1,011| 4 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Cazenove Schedule of Investments for the year ended 5 April 2023** ||||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**|||**Disposals**||||**Closing Balances**|**Closing Balances**||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||**Units**||**Cost**|**Value**|**Units**|**Cost**|**Units**||**Proceeds**|**Cost**|**Profit/Loss**|**Units**||**Cost**|**Value**|**Income**| |||||**£**|**£**||**£**|||**£**|**£**|**£**|||**£**|**£**|**£**| |Thermo Fisher|Scientific Inc||||||||||||||||| |06-Apr-22|b/fwd||195|43,913|87,635||||||||||||| |08-Sep-22|Sale||||||||15|7,168|3,378|3,790|||||| |05-Apr-23|c/fwd|||||||||||||180|40,535|83,750|162| |Visa Inc|||||||||||||||||| |06-Apr-22|b/fwd||375|59,436|63,247||||||||||||| |08-Sep-22|Sale||||||||28|4,803|4,438|365|||||| |05-Apr-23|c/fwd|||||||||||||347|54,998|63,497|418| |Adobe Inc|||||||||||||||||| |06-Apr-22|b/fwd||102|48,196|35,344||||||||||||| |08-Sep-22|Sale||||||||8|2,622|3,780|(1,158)|||||| |05-Apr-23|c/fwd|||||||||||||94|44,416|28,799|-| |Microsoft Corp|||||||||||||||||| |06-Apr-22|b/fwd||459|65,012|107,626||||||||||||| |08-Sep-22|Sale||||||||42|9,383|5,949|3,434|||||| |05-Apr-23|c/fwd|||||||||||||417|59,063|95,092|803| |Fortinet Inc|||||||||||||||||| |06-Apr-22|b/fwd||165|30,933|42,883||||||||||||| |28-Jun-22|Stock split|||||660|-||||||||||| |08-Sep-22|Sale||||||||24|1,047|900|147|||||| |05-Apr-23|c/fwd|||||||||||||801|30,033|41,852|-| |Palo Alto Networks Inc|||||||||||||||||| |06-Apr-22|b/fwd||113|31,642|53,497||||||||||||| |08-Sep-22|Sale||||||||7|3,281|1,960|1,321|||||| |19-Sep-22|Stock split|||||212|-||||||||||| |16-Mar-23|Purchase|||||78|11,969||||||||||| |05-Apr-23|c/fwd|||||||||||||396|41,651|61,669|-| |||||||||5|||||||||| ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Cazenove Schedule of Investments for the year ended 5 April 2023** |||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**|||**Disposals**|||**Closing Balances**|**Closing Balances**||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||**Units**|**Cost**|**Value**|**Units**|**Cost**|**Units**||**Proceeds**|**Cost**|**Profit/Loss**|**Units**|**Cost**|**Value**|**Income**| ||||**£**|**£**||**£**|||**£**|**£**|**£**||**£**|**£**|**£**| |Cognex Corp|||||||||||||||| |06-Apr-22|b/fwd|735|44,589|43,125|||||||||||| |08-Sep-22|Sale|||||||55|2,066|3,337|(1,271)||||| |05-Apr-23|c/fwd|||||||||||680|41,253|26,068|134| |NVIDIA Corp|2379504||||||||||||||| |06-Apr-22|b/fwd|400|39,927|83,006|||||||||||| |08-Sep-22|Sale|||||||9|1,051|898|153||||| |05-Apr-23|c/fwd|||||||||||391|39,029|84,293|45| |Walt Disney Company|||||||||||||||| |06-Apr-22|b/fwd|407|45,958|42,455|||||||||||| |08-Sep-22|Sale|||||||30|2,894|3,388|(494)||||| |05-Apr-23|c/fwd|||||||||||377|42,570|30,208|-| |Alphabet Inc|||||||||||||||| |06-Apr-22|b/fwd|46|51,766|97,709|||||||||||| |21-Jul-22|Stock split||||874|-|||||||||| |22-Jul-22|Sale|||||||140|13,323|7,877|5,446||||| |08-Sep-22|Sale|||||||118|11,178|6,640|4,538||||| |05-Apr-23|c/fwd|||||||||||662|37,249|55,720|-| |Japan|||||||||||||||| |Unicharm Corporation|||||||||||||||| |06-Apr-22|b/fwd|1,800|46,957|49,146|||||||||||| |09-Sep-22|Sale|||||||200|5,710|5,217|493||||| |21-Dec-22|Purchase||||500|16,367|||||||||| |05-Apr-23|c/fwd|||||||||||2,100|58,106|68,518|385| 6 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Cazenove Schedule of Investments for the year ended 5 April 2023** |||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**||**Disposals**|||**Closing Balances**|**Closing Balances**||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||**Units**|**Cost**|**Value**|**Units**|**Cost**|**Units**|**Proceeds**|**Cost**|**Profit/Loss**|**Units**|**Cost**|**Value**|**Income**| ||||**£**|**£**||**£**||**£**|**£**|**£**||**£**|**£**|**£**| |Asia ex. Japan||||||||||||||| |DBS Group Holdings Ltd||||||||||||||| |06-Apr-22|b/fwd|3,100|44,492|62,383||||||||||| |08-Sep-22|Sale||||||200|4,053|2,870|1,183||||| |05-Apr-23|c/fwd||||||||||2,900|41,621|58,372|2,587| |AIA Group Ltd||||||||||||||| |06-Apr-22|b/fwd|7,400|59,890|59,235||||||||||| |20-Jul-22|Purchase||||2,800|25,421||||||||| |08-Sep-22|Sale||||||1,400|11,071|11,709|(639)||||| |05-Apr-23|c/fwd||||||||||8,800|73,601|75,084|1,235| |Emerging Markets||||||||||||||| |TRIP.COM GROUP LIMITED||||||||||||||| |06-Apr-22|b/fwd|1,381|37,207|25,287||||||||||| |08-Sep-22|Sale||||||86|1,843|2,317|(474)||||| |05-Apr-23|c/fwd||||||||||1,295|34,890|38,904|-| |JD.com Inc||||||||||||||| |06-Apr-22|b/fwd|67|1,639|1,522||||||||||| |14-Apr-22|Sale||||||67|1,464|1,639|(175)||||| |05-Apr-23|c/fwd||||||||||-|-|-|-| |HDFC Bank Ltd||||||||||||||| |06-Apr-22|b/fwd|1,007|49,329|46,969||||||||||| |19-Jul-22|Purchase||||410|19,822||||||||| |08-Sep-22|Sale||||||203|11,156|9,907|1,249||||| |05-Apr-23|c/fwd||||||||||1,214|59,244|66,157|425| 7 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Cazenove Schedule of Investments for the year ended 5 April 2023** |||**Opening Balances**|**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**|||**Disposals**|||**Closing Balances**|**Closing Balances**||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||**Units**|**Cost**||**Value**|**Units**|**Cost**|**Units**||**Proceeds**|**Cost**|**Profit/Loss**|**Units**|**Cost**|**Value**|**Income**| ||||**£**||**£**||**£**|||**£**|**£**|**£**||**£**|**£**|**£**| |Taiwan Semiconductor Manufacturing Co Ltd||||||||||||||||| |06-Apr-22|b/fwd|852|38,111||67,902|||||||||||| |08-Sep-22|Sale||||||||64|4,394|2,863|1,531||||| |05-Apr-23|c/fwd||||||||||||788|35,249|57,287|1,000| |Samsung Electronics Co Ltd||||||||||||||||| |06-Apr-22|b/fwd|50|49,017||54,884|||||||||||| |08-Sep-22|Sale||||||||4|3,483|3,921|(438)||||| |05-Apr-23|c/fwd||||||||||||46|45,096|44,565|894| |Tencent Holdings Ltd||||||||||||||||| |06-Apr-22|b/fwd|1,300|51,384||47,228|||||||||||| |08-Sep-22|Sale||||||||100|3,304|3,953|(649)||||| |05-Apr-23|c/fwd||||||||||||1,200|47,431|47,208|211| |Meituan Reg-S||||||||||||||||| |06-Apr-22|b/fwd|-||-||-||||||||||| |28-Mar-22|Spinoff|||||120|-|||||||||| |04-Apr-23|Sale||||||||120|1,665|-|1,665||||| |05-Apr-23|c/fwd||||||||||||-|-|-|-| |**Bonds**||||||||||||||||| |UK||||||||||||||||| |Var% United Kingdom of Great Britain and Northern|||Ireland|2006-22.11.27 Treasury Stock||||||||||||| |06-Apr-22|b/fwd|-||-||-||||||||||| |18-Jul-22|Purchase|||||27,051|55,114|||||||||| |20-Jul-22|Accrued Interest|||||-|(94)|||||||||| |05-Apr-23|c/fwd||||||||||||27,051|55,020|54,391|208| 8 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Cazenove Schedule of Investments for the year ended 5 April 2023** |||**Opening Balances**|**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**||**Disposals**|||**Closing Balances**|**Closing Balances**||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||**Units**|**Cost**||**Value**|**Units**|**Cost**|**Units**|**Proceeds**|**Cost**|**Profit/Loss**|**Units**|**Cost**|**Value**|**Income**| ||||**£**||**£**||**£**||**£**|**£**|**£**||**£**|**£**|**£**| |1.25% United Kingdom of Great Britain and Northern Ireland||||2017-22.07.27 Treasury Gilt|||||||||||| |06-Apr-22|b/fwd|-||-||-|||||||||| |10-May-22|Purchase|||||61,198|60,762||||||||| |16-May-22|Accrued Interest|||||-|(241)||||||||| |30-Jan-23|Sale|||||||61,198|56,190|60,540|(4,350)||||| |31-Jan-23|Accrued Interest|||||-|19||||||||| |05-Apr-23|c/fwd|||||||||||-|-|-|543| |0.125% United|Kingdom of Great Britain and Northern Ireland 2020-31.01.28|||||Treasury Gilt|||||||||| |06-Apr-22|b/fwd|-||-||-|||||||||| |30-Jan-23|Purchase|||||148,524|127,241||||||||| |05-Apr-23|c/fwd|||||||||||148,524|127,241|127,615|-| |North America|||||||||||||||| |Invesco US Treasury Bond UCITS ETF|||||||||||||||| |06-Apr-22|b/fwd|-||-||-|||||||||| |18-Jul-22|Purchase|||||2,713|99,744||||||||| |06-Oct-22|Purchase|||||2,380|82,895||||||||| |05-Apr-23|c/fwd|||||||||||5,093|182,640|181,540|3,186| |MU Lyxor Core|US TIPS (DR)UCITS ETF||||||||||||||| |06-Apr-22|b/fwd|508|56,524||58,595||||||||||| |18-Jul-22|Sale|||||||508|54,508|56,524|(2,016)||||| |05-Apr-23|c/fwd|||||||||||-|-|-|345| |iShares USD Treasury Bond 20+yr UCITS ETF|||||||||||||||| |06-Apr-22|b/fwd|5,307|30,579||24,822||||||||||| |30-Nov-22|Excess reportable income|||||-|20||||||||| |05-Apr-23|c/fwd|||||||||||5,307|30,600|19,953|583| 9 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Cazenove Schedule of Investments for the year ended 5 April 2023** |||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**||**Disposals**|||**Closing Balances**|**Closing Balances**||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||**Units**|**Cost**|**Value**|**Units**|**Cost**|**Units**|**Proceeds**|**Cost**|**Profit/Loss**|**Units**|**Cost**|**Value**|**Income**| ||||**£**|**£**||**£**||**£**|**£**|**£**||**£**|**£**|**£**| |Global||||||||||||||| |Ashmore Emerging Markets Total Return Fund Z3||||||||||||||| |06-Apr-22|b/fwd|539|71,897|51,303||||||||||| |11-May-22|Sale||||||539|46,429|71,954|(25,526)||||| |30-Jun-22|Excess reportable|income|||-|57||||||||| |05-Apr-23|c/fwd||||||||||-|-|-|469| |BlackRock iShares China CNY Bond||||||||||||||| |06-Apr-22|b/fwd|13,551|103,395|106,705||||||||||| |16-May-22|Sale||||||5,448|43,816|41,568|2,247||||| |20-Jul-22|Sale||||||8,103|66,585|61,826|4,759||||| |05-Apr-23|c/fwd||||||||||-|-|-|-| |Federated Hermes Unconstrained||||||||||||||| |06-Apr-22|b/fwd|35,069|35,627|33,168||||||||||| |05-Apr-23|c/fwd||||||||||35,069|35,627|29,771|1,191| |Vanguard Global Corporate Bond||||||||||||||| |06-Apr-22|b/fwd|-|-|-||||||||||| |01-Dec-22|Purchase||||1,298|106,485||||||||| |16-Dec-22|Stock split||||(240)|-||||||||| |05-Apr-23|c/fwd||||||||||1,058|106,485|109,037|99| |**Alternatives**||||||||||||||| |Hedge Funds||||||||||||||| |Egerton Capital|Investment Fund|||||||||||||| |06-Apr-22|b/fwd|383|128,132|164,476||||||||||| |06-Mar-23|Sale||||||183|79,097|61,168|17,929||||| |05-Apr-23|c/fwd||||||||||200|66,964|85,280|-| 10 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Cazenove Schedule of Investments for the year ended 5 April 2023** |||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**|||**Disposals**|||**Closing Balances**|**Closing Balances**||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||**Units**||**Cost**|**Value**|**Units**|**Cost**|**Units**||**Proceeds**|**Cost**|**Profit/Loss**|**Units**|**Cost**|**Value**|**Income**| ||||**£**|**£**||**£**|||**£**|**£**|**£**||**£**|**£**|**£**| |AQR Alternative Trends UCITS Fund|||||||||||||||| |06-Apr-22|b/fwd|-|-|-|||||||||||| |14-Feb-23|Purchase||||543|54,300|||||||||| |05-Apr-23|c/fwd|||||||||||543|54,300|50,222|-| |Lumyna - Sandbar Global Equity|||||||||||||||| |06-Apr-22|b/fwd|513|51,552|54,678|||||||||||| |01-Dec-22|Sale|||||||513|47,850|51,552|(3,701)||||| |05-Apr-23|c/fwd|||||||||||-|-|-|-| |LandseerAM European Equity Focus|||||||||||||||| |06-Apr-22|b/fwd|326|35,442|35,742|||||||||||| |05-Apr-23|c/fwd|||||||||||326|35,442|36,428|-| |TM Tellworth UK Select|||||||||||||||| |06-Apr-22|b/fwd|-|-|-|||||||||||| |02-Dec-22|Purchase||||52,011|52,144|||||||||| |05-Apr-23|c/fwd|||||||||||52,011|52,144|52,271|-| |Brevan Howard Absolute Return BNT8MK9|||||||||||||||| |06-Apr-22|b/fwd|513|50,726|54,931|||||||||||| |30-Jun-22|Excess reportable income||||-|518|||||||||| |05-Apr-23|c/fwd|||||||||||513|51,244|53,899|946| |Schroder GAIA Helix S-GBP h-Dis|||||||||||||||| |06-Apr-22|b/fwd|452|53,110|49,264|||||||||||| |02-Dec-22|Sale|||||||452|47,127|53,110|(5,983)||||| |05-Apr-23|c/fwd|||||||||||-|-|-|1,894| 11 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Cazenove Schedule of Investments for the year ended 5 April 2023** |||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**||**Disposals**|||**Closing Balances**|**Closing Balances**||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||**Units**|**Cost**|**Value**|**Units**|**Cost**|**Units**|**Proceeds**|**Cost**|**Profit/Loss**|**Units**|**Cost**|**Value**|**Income**| ||||**£**|**£**||**£**||**£**|**£**|**£**||**£**|**£**|**£**| |Commodities||||||||||||||| |iShares Physical Metals PLC||||||||||||||| |06-Apr-22|b/fwd|2,832|58,522|81,647||||||||||| |01-Dec-22|Sale||||||2,832|81,242|58,522|22,720||||| |05-Apr-23|c/fwd||||||||||-|-|-|-| |WisdomTree Hedged Metal Sec Ltd||||||||||||||| |06-Apr-22|b/fwd|7,935|82,790|83,397||||||||||| |05-Apr-23|c/fwd||||||||||7,935|82,790|84,706|-| |WisdomTree Enhanced Commodity||||||||||||||| |06-Apr-22|b/fwd|7,200|69,826|88,236||||||||||| |15-Feb-23|Sale||||||7,200|84,731|69,826|14,905||||| |05-Apr-23|c/fwd||||||||||-|-|-|476| |L&G Multi-Strategy Enhanced||||||||||||||| |06-Apr-22|b/fwd|-|-|-||||||||||| |16-Feb-23|Purchase||||11,530|130,854||||||||| |05-Apr-23|c/fwd||||||||||11,530|130,854|126,588|-| |Other||||||||||||||| |International Public Partnerships||||||||||||||| |06-Apr-22|b/fwd|10,600|15,900|18,338||||||||||| |05-Oct-22|Purchase||||12,000|19,001||||||||| |05-Apr-23|c/fwd||||||||||22,600|34,901|33,538|810| |Greencoat UK Wind Plc||||||||||||||| |06-Apr-22|b/fwd|21,846|28,790|33,293||||||||||| |05-Apr-23|c/fwd||||||||||21,846|28,790|34,888|1,687| 12 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Cazenove Schedule of Investments for the year ended 5 April 2023** |**Units**
**Cost**
**Value**
**Units**
**Cost**
**Units**
**£**
**£**
**£**
**Opening Balances**
**Acquisitions**
Foresight Solar Fund Limited
06-Apr-22
b/fwd
-
-
-
05-Oct-22
Purchase
27,000
32,131
05-Apr-23
c/fwd
Schroders Diversified Alternative
06-Apr-22
b/fwd
300
31,539
35,092
06-Oct-22
Sale
300
05-Apr-23
c/fwd
3I Infrastructure PLC
06-Apr-22
b/fwd
5,591
11,685
19,429
05-Oct-22
Purchase
6,000
19,271
05-Apr-23
c/fwd
SLF Realisation Fund Limited (formerly KKV Secured Loan Fund Limited)
06-Apr-22
b/fwd
17,294
7,695
1,781
19-May-22
Capital Distribution
-
(692)
03-Aug-22
Capital Distribution
-
(865)
15-Dec-22
Capital Distribution
-
(259)
05-Apr-23
c/fwd
Digital 9 Infrastructure PLC
06-Apr-22
b/fwd
-
-
-
05-Oct-22
Purchase
32,000
33,618
05-Apr-23
c/fwd
Sequoia Economic Infrastructure
06-Apr-22
b/fwd
7,005
7,829
7,201
05-Apr-23
c/fwd
**2,802,947**
**3,314,640**
**1,092,925**
13|**Proceeds**
**Cost**
**Profit/Loss**
**Units**
**Cost**
**Value**
**Income**
**£**
**£**
**£**
**£**
**£**
**£**
**Disposals**
**Closing Balances**
27,000
32,131
29,808
961
31,560
31,539
21
-
-
-
638
11,591
30,956
36,512
938
17,294
5,879
1,558
-
32,000
33,618
21,696
960
7,005
7,829
5,702
449
**944,693**
**863,103**
**81,591**
**3,032,770**
**3,404,829**
**43,141**|**Proceeds**
**Cost**
**Profit/Loss**
**Units**
**Cost**
**Value**
**Income**
**£**
**£**
**£**
**£**
**£**
**£**
**Disposals**
**Closing Balances**
27,000
32,131
29,808
961
31,560
31,539
21
-
-
-
638
11,591
30,956
36,512
938
17,294
5,879
1,558
-
32,000
33,618
21,696
960
7,005
7,829
5,702
449
**944,693**
**863,103**
**81,591**
**3,032,770**
**3,404,829**
**43,141**| |---|---|---| |||**3,032,770**
**3,404,829**
**43,141**| |||| ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Fundsmith LLP Schedule of Investments for the year ended 5 April 2023** **Opening Balances Acquisitions Disposals Closing Balances Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income £ £ £ £ £ £ £ £ £** Fundsmith Equity Fund I Class Inc 06-Apr-22 b/fwd 737,780 3,500,000 4,114,357 14-Oct-22 Equalisation - (2,678) 05-Apr-23 c/fwd 737,780 3,497,322 4,176,479 10,757 **3,500,000 4,114,357 (2,678) - - - 3,497,322 4,176,479 10,757** 1